For the third consecutive day, gold futures have closed lower. Today gold opened at $1872.00, and as of 5:00 PM, EST is currently fixed at $1864.70 after factoring in today’s net decline of $9.20 (-0.49%).
Although the cumulative losses over the last three days equal only about $23.50, each day when compared to the prior day resulted in a lower high, and a lower low. Today’s low came in at approximately $1850 which closely matches the low achieved on Monday, November 9th, when market forces took the precious yellow metal roughly $100 lower. Concurrently the U.S. dollar has declined in value for the last six consecutive days. It fell from 92.95 a week ago on Thursday, November 12, and is currently fixed at 92.225. Over the last five trading days, the dollar has lost almost .75%.
It is a well-established fact that dollar weakness provides a tailwind that will usually move […]
November 20, 2020 (updated November 20, 2020) Published by StockMan